The main events of the crypto world from Hong Kong and South Korea

Colin Wu published a weekly report on the main cryptocurrency events from the Asian region. He told blog readers about what happened in Hong Kong and South Korea during the reporting week. The specialist noted that the Hong Kong Government has attracted 5 banks to study the feasibility of issuing digital “green” bonds.

These included corporations such as HSBC Holdings Limited, Crédit Agricole Corporate and Investment Bank, Bank of China, Industrial and Commercial Bank of China Limited and UBS Group. These institutions have formed working groups to explore the feasibility of issuing multiple series of fixed-rate digital green bonds.

Meanwhile, a Hong Kong court ruled in favor of the injunction sought by X-spot, a company owned by entrepreneur Li Lin. It prohibits Huobi Global Limited, acquired by Justin Sun, from using the names «火幣» or «火币», or any similar names or characters that may cause confusion.

The Financial Services Commission (FSC) of South Korea has issued a notice regarding the legislation on the “Rules for the Implementation of the Law on the Protection of Virtual Asset Users” and the “Rules for Regulating the Virtual Asset Industry”. It includes many points. The regulations and regulations for public legislation are expected to be announced from December 11, 2023 to January 22, 2024, and will come into effect from July 19, 2024, subject to review by the National Tax Service and other legal procedures.

A group of South Korean investors filed a complaint with the Fair Trade Commission, accusing cryptocurrency exchange Bithumb of unfair sales practices by significantly reducing transaction fees.

However, other trading platforms in the country have previously resorted to similar methods.. For example, Upbit has reduced its trading fees on the Korean Won (KRW) market from an initial 0.139% to an industry-low 0.05%.